India: Air India gets privatisedAdd to Favourites
68 years after it was nationalised, Air India returns to its original owners, the Tata family. Tata Group, a steel producer and carmaking conglomerate which owns two budget carriers, won a privatization bid for 100% of Air India for just USD 2.4 bn while the government will also cover three quarters of the airline's debt. Tata agreed to retain all employees for 1 year and then offer a voluntary retirement scheme. The new owners will have to face off domestic competition from no-frills carriers and international competition from Gulf-based airlines.